Since 1 April 2017, the prospect of UK and non-UK companies receiving HM Treasury fines of £1 million or more has become a legal reality.
The Policing and Crime Act (the Act) gives the Office of Financial Sanctions Implementation (OFSI), which is part of HM Treasury, power to offer deferred prosecution agreements and impose civil monetary penalties for infringements of UK, EU and United Nations (UN) financial sanctions. In effect, the Act marks a new era of UK financial sanctions regime that can impose significant monetary and criminal penalties for breaches.
Download a copy of our full analysis above in which we explain the general scope of application of the UK sanctions, scope of OFSI's enforcement regime, potential monetary and criminal penalties, implications for businesses and how our team can help.
